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Old 09-25-2012, 03:58 PM   #21
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Don't take the 401k as a check to you, or you do start to risk tax and penalty problems if you don't work it carefully. With direct transfers you shouldn't go too wrong.
+1...have them make the check out to the IRA, not you...then you are fairly safe other than you have a time limit to get it deposited into the IRA...not sure but I think it's 90 days.
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Old 09-25-2012, 08:12 PM   #22
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+1...have them make the check out to the IRA, not you...then you are fairly safe other than you have a time limit to get it deposited into the IRA...not sure but I think it's 90 days.
+2 Ask the receiving custodian how to make the check payable. It should be something like
[Custodian Institution Name] FBO [Your Name]
where FBO = For Benefit Of
... and the custodian might want the word "Rollover" and/or "IRA" in the name -- just ask them what they want to see.
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Old 09-26-2012, 12:46 PM   #23
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+1...have them make the check out to the IRA, not you...then you are fairly safe other than you have a time limit to get it deposited into the IRA...not sure but I think it's 90 days.
It's 60 days..........but that's usually applied if you have the check made out to you and not the new IRA custodian. If its a rollover made out to the custodian like Fido, if they don't get it done in 60 days, it becomes their problem.........
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Old 09-26-2012, 12:57 PM   #24
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When I rolled over my 401k. I set up an online account with vanguard. I then called up vanguard. The representative then conference called us into my 401k service phone and they initiated the transfer process. Very easy.
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Old 09-26-2012, 02:41 PM   #25
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I had the same good experience with Vanguard that mh did.

In moving a 401-K to a traditional IRA, my experience with talking to the 401-K provider about this left me with a lecture from them about why I should stay with them. So I set up an on-line account with Vanguard, then called Vanguard for information on how to move the $. Their Concierge service assigned someone to me who then set up a conference call with my 401-K provider. My Concierge handled the call like a pro and told them where to send the $. It was very easy for me.

I absolutely love the Vanguard website. It is very easy to use and informative.

Cass
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